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April 5, 2022

Formica Platform Updates: Data Aggregation and Enrichment Advancements

Formica AI is here with new advancements! Now that our data enrichment processes are even more improved, you'll get a better view of who your customers are. By knowing your customers better, you'll have strong protection for your business as well as providing a better customer experience.

Data is king! By improving the API integration features that we're currently providing, we have started to meet data aggregation and enrichment needs that are crucial for your risk operations.  

Through the data enrichment updates, now we are able to expand the data pool even more! Because with one of the new features, we can include the movements of a user in different channels within the system into fraud analysis processes, and naturally you get to have even more data.  

Why Do You Need Data Enrichment?

Data enrichment is especially critical for risk operations. By gaining richer and more detailed information about your customers, you can gain more precise insights for your risk operations. Powerful data enrichment applications enable more informed decisions in risk calculations.

The best way to identify abnormal behaviour is to be an expert on normal behaviour. Our systems continuously learn from the data they receive. The more you feed the platform with data, the better AI suggestions you can get. When you expand the data diversity, the metrics of the “normal” widens. In conclusion when the system encounters suspicious activity it gets easier to detect it and the accuracy rate increases; in other words, your false-positive rates decrease.  

Formica Platform Screenshot

How Does Data Enrichment Help to Reduce False-Positive Rates?

With the latest updates, we create a more comprehensive user map, so that you can obtain more precise insights and reduce the false-positive rates. Reducing false-positive rates will help you improve the overall user experience quality that you provide to your loyal customers.

Data enrichment helps you learn more about your customers without asking for any additional information from them. For example, you can verify if a user is a real one by simply asking for their phone number. Thus, you can also carry out your risk operations without slowing down the user experience.

So, with better data enrichment, you’ll be having more accurate and quicker insights, improving the user experience and more likely to prevent the possible financial damages to your business.